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Parliamentary finance identifies a reason why coins should not be minted and advises such a move

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2 hours ago, ASUMama said:

Fml is Financial Management Law

 

 

Ok...so ummmm.....any scoop regarding the HCL?  Anyone?  Anyone? 

 

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I thought I would piece together some tidbits from 2012-21 articles as a refresh

 

Deputy Governor of the Central Bank of the appearance of Mohammed Saleh, the readiness of the bank to start the process of removing three zeroes from the currency, noting that the objections [are incorrect] on that just Cecchekat is incorrect.

Saleh said (of the Agency news): The project is integrated and all concerned in the government support him and there is no one against him, and who object to this project is skeptical of the ability of the central bank to implement it.

The Central Bank of Iraq announced (29 September 2011) that the year 2013 will see the deletion of zeros and switch the currency,

Saleh: CBI is ready to delete the zeros; Government supports it and no one against it. However needs approval by GOI and House

Posted: May 31, 2012 

Saleh said in a press statement Project is integrated and all concerned in the government support him and there is no one against him, and who object to this project is skeptical of the ability of the central bank to implement it «.

He added that the central bank will be ready to implement the decision without hesitation if the government decided that,

He explained: that the draft deletion of zeros needs to the approval of the government and the House of Representatives for its success.

The Central Bank of Iraq announced (29 September 2011) that the year 2013 will see the deletion of zeros and switch the currency, 

05/29/2012

Central Bank announced new steps that will raise the value of Iraqi dinar against the dollar.

The deputy governor of the Central Bank of the appearance of Mohammed in a statement to the reporter (JD) that the central bank began to implement a new strategic equation will come out even where the dinar and the dollar if it is available the appropriate atmosphere.

Saleh added that the new strategy will work to increase the capacity of the Iraqi dinar as a step in the way of reform of the financial system in Iraq and stimulate the economy, and then proceed with a project to delete the zeros of the exit equation equal to the Iraqi dinar with the dollar

Also supported the Ministry of Finance implemented the idea and the fact that the deletion process will liberate the Iraqi economy from the constraints and enhance the value of the dinar in the Fund, the World Bank.

And promises to start see the futility of the project as we believe it does not lead to raise the value of Iraqi dinar,, we aspire to embrace the Iraqi Central Bank and economists project that aims to raise the value of Iraqi dinar to its previous value and return equal to (3.33) U.S. $ through a package of procedures and bold decisions

and the holding of the blockade has zero, and the events of 2003 have zero, and these three zeroes represent the pain of the Iraqi people, and delete it represents the hopes of the Iraqi people in progress, freedom and prosperity. “

Saleh said in an earlier statement that the Central Bank of Iraq has reached advanced stages of preparations for the mission logistics project to delete the three zeroes from the Iraqi currency, and after obtaining approval from the federal government to implement it will be working on a larger scale because it is a legitimate strategic interest to the general of the Iraqi people.

0.0008333) dollar / dinar in early December 2011 to (0.00077) dollars / JD in early April 2012. In other words, the number of dinars per dollar of (1200) JD / dollar in the free market to the (1300) JD / dollar during the period. The exchange rate that was in the seventies Sunni $ 3.20 / JD any more than the current price of more than four thousand times (almost “). (3.2 ÷ 0.00077 = 4155 times).

Mohammed Saleh in an interview with "Twilight News" "The Ministry of Finance expressed its opinion on the draft raise zeros from the Iraqi currency and had a reservation of this Order," explaining that "the ministry conservative of the timing of the start of the project because all the accounts of the budget will be recorded in accordance with the new currency. "

The deputy governor of the Central Bank of the appearance of Mohammed Saleh in a statement to 'Twilight News' that' the Ministry of Finance expressed its opinion on the draft raise zeros from the Iraqi currency and had a reservation of this Order ', pointing out that' the ministry conservative of the timing of the start of the project because all the accounts of the budget will be recorded in accordance with the new currency '. 

Central Bank: the project to delete the zeros will not be implemented without the approval of the government and parliament 

 

BAGHDAD / Baghdadiya News / ... After a formal demand that the government of the Iraqi Central Bank to wait in the implementation of the project to delete three zeros from the Iraqi currency,

And members of the House of Representatives objection to this request, said the central implementation of the project will only be by the three parties and the approval of the Central Bank and the government and the House of Representatives.
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5 hours ago, screwball said:

I thought I would piece together some tidbits from 2012-21 articles as a refresh

 

Deputy Governor of the Central Bank of the appearance of Mohammed Saleh, the readiness of the bank to start the process of removing three zeroes from the currency, noting that the objections [are incorrect] on that just Cecchekat is incorrect.

Saleh said (of the Agency news): The project is integrated and all concerned in the government support system" rel="">support him and there is no one against him, and who object to this project is skeptical of the ability of the central bank to implement it.

The Central Bank of Iraq announced (29 September 2011) that the year 2013 will see the deletion of zeros and switch the currency,

Saleh: CBI is ready to delete the zeros; Government supports it and no one against it. However needs approval by GOI and House

Posted: May 31, 2012 

Saleh said in a press statement Project is integrated and all concerned in the government support system" rel="">support him and there is no one against him, and who object to this project is skeptical of the ability of the central bank to implement it «.

He added that the central bank will be ready to implement the decision without hesitation if the government decided that,

He explained: that the draft deletion of zeros needs to the approval of the government and the House of Representatives for its success.

The Central Bank of Iraq announced (29 September 2011) that the year 2013 will see the deletion of zeros and switch the currency, 

05/29/2012

Central Bank announced new steps that will raise the value of Iraqi dinar against the dollar.

The deputy governor of the Central Bank of the appearance of Mohammed in a statement to the reporter (JD) that the central bank began to implement a new strategic equation will come out even where the dinar and the dollar if it is available the appropriate atmosphere.

Saleh added that the new strategy will work to increase the capacity of the Iraqi dinar as a step in the way of reform of the financial system in Iraq and stimulate the economy, and then proceed with a project to delete the zeros of the exit equation equal to the Iraqi dinar with the dollar

Also supported the Ministry of Finance implemented the idea and the fact that the deletion process will liberate the Iraqi economy from the constraints and enhance the value of the dinar in the Fund, the World Bank.

And promises to start see the futility of the project as we believe it does not lead to raise the value of Iraqi dinar,, we aspire to embrace the Iraqi Central Bank and economists project that aims to raise the value of Iraqi dinar to its previous value and return equal to (3.33) U.S. $ through a package of procedures and bold decisions

and the holding of the blockade has zero, and the events of 2003 have zero, and these three zeroes represent the pain of the Iraqi people, and delete it represents the hopes of the Iraqi people in progress, freedom and prosperity. “

Saleh said in an earlier statement that the Central Bank of Iraq has reached advanced stages of preparations for the mission logistics project to delete the three zeroes from the Iraqi currency, and after obtaining approval from the federal government to implement it will be working on a larger scale because it is a legitimate strategic interest to the general of the Iraqi people.

0.0008333) dollar / dinar in early December 2011 to (0.00077) dollars / JD in early April 2012. In other words, the number of dinars per dollar of (1200) JD / dollar in the free market to the (1300) JD / dollar during the period. The exchange rate that was in the seventies Sunni $ 3.20 / JD any more than the current price of more than four thousand times (almost “). (3.2 ÷ 0.00077 = 4155 times).

Mohammed Saleh in an interview with "Twilight News" "The Ministry of Finance expressed its opinion on the draft raise zeros from the Iraqi currency and had a reservation of this Order," explaining that "the ministry conservative of the timing of the start of the project because all the accounts of the budget will be recorded in accordance with the new currency. "

The deputy governor of the Central Bank of the appearance of Mohammed Saleh in a statement to 'Twilight News' that' the Ministry of Finance expressed its opinion on the draft raise zeros from the Iraqi currency and had a reservation of this Order ', pointing out that' the ministry conservative of the timing of the start of the project because all the accounts of the budget will be recorded in accordance with the new currency '. 

Central Bank: the project to delete the zeros will not be implemented without the approval of the government and parliament 

 

BAGHDAD / Baghdadiya News / ... After a formal demand that the government of the Iraqi Central Bank to wait in the implementation of the project to delete three zeros from the Iraqi currency,

And members of the House of Representatives objection to this request, said the central implementation of the project will only be by the three parties and the approval of the Central Bank and the government and the House of Representatives.

 

That explains everything. 👍🏻

They’ve been ready for years. 

Thanks.

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53 minutes ago, Half Crazy Runner said:

 

So have I..😆

I for one am glad they have delayed it.  I had so much to do to get ready.  I needed at least the last 15 years. LOL

 

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5 hours ago, gregp said:

 Posted: May 31, 2012  Central Bank announced new steps that will raise the value of Iraqi dinar against the dollar.deletion of zeros and switch the currency

   Im glad they did not delete the zeros that would have been a LOP. Anyone holding the Iraq dinar at the time would have had to turn in their currency in in exchange for new bills and it would have been a neutral event. Except for us, probably would have had to pay currency dealer fees. Then following the lop, sure the value would be higher, but no profit for us. 

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13 minutes ago, jg1 said:

   Im glad they did not delete the zeros that would have been a LOP. Anyone holding the Iraq dinar at the time would have had to turn in their currency in in exchange for new bills and it would have been a neutral event. Except for us, probably would have had to pay currency dealer fees. Then following the lop, sure the value would be higher, but no profit for us. 

jg1 in curious, what makes you think that? I do agree that the people of Iraq will not get the windfall that we will. In country IMO, will be note swap. The CBI will adjust the exchange rate and introduce lower denominations , give everyone in the country a specified amount of time to swap out their notes through the banks, which means getting a bank account and an electronic credit into their accounts that will equal the USDollar value of the notes they hold. They will then Be allowed to withdraw lower denoms from the ATM's or at the teller window. They won't lose any money or make any money. It will be a neutral event. They get purchasing power in the new notes that they will be using. The three zero notes will be phased out. We will never see those small denominations but the bank will homer the notes outside the country at face value. We take them to the bank for exchange and get out electronic credit into our accounts minus taxes and bank fees and the banks will hold those bank notes as reserves. If it comes out at 1:1 and then rises from there the Iraqi citizens will get increased purchasing power which is great for them

Theere is no way that the people of Iraq could see the windfall that we willecause the in country float needs to be maintained at around 25 to 30 billion USD equivalent circulating daily within the country. At face value 1:1 would see an increase of in country float to 25 to 30 trillion USD equivalent. That is absolutely not going to happen. It can't happen. The value realized outside the country only strengthens the currency as people/banks will Be holding it as a store of value. If banks start sending t he dinar back to the CBI for exchange the CBi can just reduce the note count as they're collect the incoming dinar, which also strengthens the currency by making the remaining notes more valuable. 

Remembe also that banks exchange for less than the actual value ie. the spread charged so they always get more than they give.

I like where we are right now and hopefully within the next six months they complete the currency reform so that we can all get off of this ride.

jg1 hang in there, our time is coming.

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16 minutes ago, mr.unlikely said:

jg1 in curious, what makes you think that? I do agree that the people of Iraq will not get the windfall that we will. In country IMO, will be note swap. The CBI will adjust the exchange rate and introduce lower denominations , give everyone in the country a specified amount of time to swap out their notes through the banks, which means getting a bank account and an electronic credit into their accounts that will equal the USDollar value of the notes they hold. They will then Be allowed to withdraw lower denoms from the ATM's or at the teller window. They won't lose any money or make any money. It will be a neutral event. They get purchasing power in the new notes that they will be using. The three zero notes will be phased out. We will never see those small denominations but the bank will homer the notes outside the country at face value. We take them to the bank for exchange and get out electronic credit into our accounts minus taxes and bank fees and the banks will hold those bank notes as reserves. If it comes out at 1:1 and then rises from there the Iraqi citizens will get increased purchasing power which is great for them

Theere is no way that the people of Iraq could see the windfall that we willecause the in country float needs to be maintained at around 25 to 30 billion USD equivalent circulating daily within the country. At face value 1:1 would see an increase of in country float to 25 to 30 trillion USD equivalent. That is absolutely not going to happen. It can't happen. The value realized outside the country only strengthens the currency as people/banks will Be holding it as a store of value. If banks start sending t he dinar back to the CBI for exchange the CBi can just reduce the note count as they're collect the incoming dinar, which also strengthens the currency by making the remaining notes more valuable. 

Remembe also that banks exchange for less than the actual value ie. the spread charged so they always get more than they give.

I like where we are right now and hopefully within the next six months they complete the currency reform so that we can all get off of this ride.

jg1 hang in there, our time is coming.

 "jg1 hang in there, our time is coming"  Thank you sir.

I have no notion in selling my dinar. 

I was just stating what they Iraq has stated in the past, and people say its a good thing which it would not be. A lop that is. Ive been on this site a quite a bit. A few years ago I remember there were times it was just me and vomer on the site. 

To me, what they did years ago was a reverse lop and it is a option to undo it and just make it a neutral event. Do I want it or think it may happen? I am afraid it may happen and think its a option. I will still have the money I invested less the fees, and time spent viewing the news and uhumm some rumors. Do I want the better of the 2 options to happen, ya.

Im 53 and tierd of the challenges I face at work everyday. I've had enough struggle. 

Thank you, I am going to read your post over really carefully and hope to gain more confidence on our direction. 

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Jg1 I think that we're all getting tired. I got ya by a couple years and boy am I ready to live La vita Loca. I have learned so much since joining this investment and I'm confident that while the Iraqi citizens will only get to enjoy purchasing power in the form of smaller denominations, our notes must be honored at face value. In fact the CBI put out more than one article stating that that was going to be the case.

that is why there is so much opposition from the corrupt in Iraq. When this thing happens, they lose their leverage, the auctions stop, transparency and digital accounting are implemented and hey can move to an open market society. The world wants this. Follow the IMF. Go visit the Berttlesmann and Siftung website and you can pull up the latest Iraq country report. It states that the dinar value to be around  $1.70 at the end of 2017. This will not be a neutral event for us. Also keep in mind that the United States came in and took their exchange rate from around 2.00 USD down to 3000:1 overnight. It can be adjusted back the other way just as quickly. I believe the corrupt within the government are holding this up but that will only last so long. Pay attention to all of the measurable positive news coming out of late and try to be patient. That's the hard part, lol.

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21 minutes ago, mr.unlikely said:

Jg1 I think that we're all getting tired. I got ya by a couple years and boy am I ready to live La vita Loca. I have learned so much since joining this investment and I'm confident that while the Iraqi citizens will only get to enjoy purchasing power in the form of smaller denominations, our notes must be honored at face value. In fact the CBI put out more than one article stating that that was going to be the case.

that is why there is so much opposition from the corrupt in Iraq. When this thing happens, they lose their leverage, the auctions stop, transparency and digital accounting are implemented and hey can move to an open market society. The world wants this. Follow the IMF. Go visit the Berttlesmann and Siftung website and you can pull up the latest Iraq country report. It states that the dinar value to be around  $1.70 at the end of 2017. This will not be a neutral event for us. Also keep in mind that the United States came in and took their exchange rate from around 2.00 USD down to 3000:1 overnight. It can be adjusted back the other way just as quickly. I believe the corrupt within the government are holding this up but that will only last so long. Pay attention to all of the measurable positive news coming out of late and try to be patient. That's the hard part, lol.

Bump and pin this post so I can remember where we are in this investment. 

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3 hours ago, cranman said:

I for one am glad they have delayed it.  I had so much to do to get ready.  I needed at least the last 15 years. LOL

 

 

That’s a good way to look at it! My husband and I have completely changed our focus and plans since we first got into this. I like where we are better now, so I guess that’s the plus side 😁

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9 minutes ago, Half Crazy Runner said:

 

That’s a good way to look at it! My husband and I have completely changed our focus and plans since we first got into this. I like where we are better now, so I guess that’s the plus side 😁

 

HCR, please send instructions on how to change focus and plans.  Thank you.   😂😂😂

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1 hour ago, Floridian said:

 

HCR, please send instructions on how to change focus and plans.  Thank you.   😂😂😂

Please do. Inquiring minds would like to know!!  ❤️

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4 hours ago, Floridian said:

 

HCR, please send instructions on how to change focus and plans.  Thank you.   😂😂😂

 

2 hours ago, Desertmedic2009 said:

Please do. Inquiring minds would like to know!!  ❤️

 

Oops .. maybe I phrased that wrong 😁 

What I meant was, in the 7+ years since we got our first dinars, we’ve changed our minds (repeatedly) about what we plan on doing with our $$ once we cash out. 

I like today’s plans much better than our original ideas. Plus, we’ve had 7+ years of accumulating a lot more dinars. Cha-ching! 💰💰💰💰

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4 hours ago, pokerplayer said:

Here is the link to the report Mr.Unlikely was talking about.

 

https://www.ecoi.net/en/file/local/1427413/488298_en.pdf

 

Section 8 is were it states the dinar is estimated to be worth $1.71 as Mr.Unlikely eluded to.

 

Long read, but was in fact Interesting

 

  Cheers, pp

Thanks for the link pp,👍🏼😉

 

“The government’s monetary policy since 2003 has focused on maintaining price stability and exchange rate predictability. The inflation has remained in the low since 2010. According to the CBI, the inflation rate is 1.4% (2015 estimates), while the World Bank estimates 2015 at -1.2%, and the country’s international reserve volume also has decreased due to the sharp decline in oil prices. The independence of the CBI suffered a setback in January 2011 when former Prime Minister al-Maliki won a court ruling that placed independent institutions, including the CBI, under the control of the cabinet. In January 2012, the CBI raised the exchange rate of the Iraqi dinar to $1.19, causing a huge crisis that led the Supreme Judicial Council to issue an arrest warrant for CBI governor Sinan al-Shabibi in October 2012 on charges of corruption. Al-Shabibi received a seven-year prison sentence in absentia 2014, shortly before being acquitted of all charges. The difference between the official and parallel exchange increased from three percent in 2015 to nine percent in May 2016. The CBI introduced a number of policies to keep inflation low. The dinar remained widely stable and was worth $1.71 in early 2017.”

 

I remember an article from the CBI  talking about, how they can cover the monetary mass by 170% in 2017

 

By today the CBI can cover 173% of the monetary mass.

 

Go RV sooner than later 

 

 

 

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wow i was following the news like sherlock holmes in 2012 and dont remember the exchange rate ever moving off 1170 ... interesting thanks mr unlikely , PP , LB

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10 hours ago, mr.unlikely said:

jg1 in curious, what makes you think that? I do agree that the people of Iraq will not get the windfall that we will. In country IMO, will be note swap. The CBI will adjust the exchange rate and introduce lower denominations , give everyone in the country a specified amount of time to swap out their notes through the banks, which means getting a bank account and an electronic credit into their accounts that will equal the USDollar value of the notes they hold. They will then Be allowed to withdraw lower denoms from the ATM's or at the teller window. They won't lose any money or make any money. It will be a neutral event. They get purchasing power in the new notes that they will be using. The three zero notes will be phased out. We will never see those small denominations but the bank will homer the notes outside the country at face value. We take them to the bank for exchange and get out electronic credit into our accounts minus taxes and bank fees and the banks will hold those bank notes as reserves. If it comes out at 1:1 and then rises from there the Iraqi citizens will get increased purchasing power which is great for them

Theere is no way that the people of Iraq could see the windfall that we willecause the in country float needs to be maintained at around 25 to 30 billion USD equivalent circulating daily within the country. At face value 1:1 would see an increase of in country float to 25 to 30 trillion USD equivalent. That is absolutely not going to happen. It can't happen. The value realized outside the country only strengthens the currency as people/banks will Be holding it as a store of value. If banks start sending t he dinar back to the CBI for exchange the CBi can just reduce the note count as they're collect the incoming dinar, which also strengthens the currency by making the remaining notes more valuable. 

Remembe also that banks exchange for less than the actual value ie. the spread charged so they always get more than they give.

I like where we are right now and hopefully within the next six months they complete the currency reform so that we can all get off of this ride.

jg1 hang in there, our time is coming.

Exactly....my opinion...our time is coming 

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12 hours ago, mr.unlikely said:

Jg1 I think that we're all getting tired. I got ya by a couple years and boy am I ready to live La vita Loca. I have learned so much since joining this investment and I'm confident that while the Iraqi citizens will only get to enjoy purchasing power in the form of smaller denominations, our notes must be honored at face value. In fact the CBI put out more than one article stating that that was going to be the case.

that is why there is so much opposition from the corrupt in Iraq. When this thing happens, they lose their leverage, the auctions stop, transparency and digital accounting are implemented and hey can move to an open market society. The world wants this. Follow the IMF. Go visit the Berttlesmann and Siftung website and you can pull up the latest Iraq country report. It states that the dinar value to be around  $1.70 at the end of 2017. This will not be a neutral event for us. Also keep in mind that the United States came in and took their exchange rate from around 2.00 USD down to 3000:1 overnight. It can be adjusted back the other way just as quickly. I believe the corrupt within the government are holding this up but that will only last so long. Pay attention to all of the measurable positive news coming out of late and try to be patient. That's the hard part, lol.

You Sir know exactly what you are talking about! I too have been in this investment since 2005 and it’s been a long haul to say the least. I have heard every guru out there but also have had the privilege of being connected with a couple of groups that are invested who have been top notch researchers as well as possible contacts. That being said the CBI only has to cover what’s in circulation inside of Iraq! The Iraqi citizens will ONLY experience much greater purchasing power like you have said! They will not be exchanging for dollars or other currencies period inside Iraq, the only thing they will exchange for is lower denoms period! The only chance of an Iraqi citizen becoming a millionaire is if they are able to somehow get the currency outside of Iraq to another country and do an exchange for a different currency which will be hard to do and also Illegal for them to do!! I for one don’t think there is a lot of mattress money laying around Iraq as the citizens are poor to begin with and Live day to day and spend all their money on living expenses! Now the corrupt politicians like Maliki who I am sure have stored billions of dinar outside of Iraq I bet he will not benefit either as the hammer will come down on him very quickly is my guess! Sure hope we are close guys as I want to retire soon myself!

Edited by Dinarrock
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Hmm. . . Looks to me like I'll move on from exercising a cautiously optimistic very reserved mental & emotional state to " Prepare to Standby " mode.

I've already laid on a fresh supply of some Fruit of Looms as well ( Depends really ) . . . just in case the excitement overwhelms me when they finally  do pull the trigger on this investment. 

 

C'mon Iraq . . . make me poop my undies . . . " in the coming days " or REAL :soon:, OKAY ? CHARMIN is at the ready ! ! !

Edited by 10 YEARS LATER
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51 minutes ago, 10 YEARS LATER said:

Hmm. . . Looks to me like I'll move on from exercising a cautiously optimistic very reserved mental & emotional state to " Prepare to Standby " mode.

I've already laid on a fresh supply of some Fruit of Looms as well ( Depends really ) . . . just in case the excitement overwhelms me when they finally  do pull the trigger on this investment. 

 

C'mon Iraq . . . make me poop my undies . . . " in the coming days " or REAL :soon:, OKAY ? CHARMIN is at the ready ! ! !

For us investors that are hitting the 15 year mark trust me I am cautiously optimistic as you are...if it happens in the next six months I will be happy if it goes longer, it won’t matter years are flying fast enough and I know thismif it takes longer I will buy more shares...and I have been buying them for over 15 years so morenthe merrier!

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6 hours ago, 10 YEARS LATER said:

C'mon Iraq . . . make me poop my undies 

 

I have never in my life typed the letters “LOL” but I’m here to say you just literally made me laugh out loud with that comment!! 

Thanks for the Sunday morning laugh 😆 

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    • By boomer113189
      1 - 29 - 2014
      Exchange rate 1000 old to 1 new
      Current Currency
      After Deletion of three zeros
      aka Redenomination
       
       
      No Millionaires Will be made by holding onto the old currency that will get Redenominated
       
      A rupiah redenomination bill is currently being sought by the Indonesian government and it is asking the House of Representatives to start the legislation process for the bill next year.
      The redenomination is an attempt to simplify currency transactions by replacing the currency with a new one. In the past, officials have mooted the idea of removing three zeros from the rupiah. For example, a Rp 1,000 note would become simply Rp 1.
      Finance Minister Agus Martowardojo conveyed the plan to House Deputy Speaker Anis Matta on Friday, according to Ignatius Mulyono, chairman of the House’s legislation committee.
      “The House accepted the government’s plans,” Ignatius said. “We are now awaiting the draft to be submitted to the House.”
      Ignatius said that the House would discuss whether the redenomination bill could be included in the 2013 national legislation program — a list of bills that the House targets to ratify during a year.
      An academic study of the bill, Ignatius said, has been completed. “With the redenomination, transactions would be simpler and faster,” he said.
      Bank Indonesia has introduced higher-denomination bills five times since 1964 because of inflation. That makes current daily transactions often run into the millions of rupiah.
      The Rp 100,000 ($10.43) note is now the second-highest denomination banknote in the region after Vietnam’s 500,000 dong note.
      There are concerns, however, that the proposal could devalue the currency. But Ignatius said that the House would ensure that the government would conduct intensive socialization programs for the public should the bill be passed.
      Agus said that the government and Bank Indonesia had coordinated closely to transform the redenomination idea into a workable plan.
      He also added that any redenomination process would take anywhere from five to 10 years to complete.
      One of the likely consequences of a redenomination is marked prevalence in the use of coins because they are worth smaller denominations.
       
      http://goo.gl/BSO3mW
    • By boomer113189
      1 - 24 - 2014
       

      TEMPO.CO, Jakarta - Center for Strategic and International’s economist Haryo Aswicahyono, said currency redenomination should be done after general elections where the public psychological condition is relatively stable to prevent politicalization.
      "The current situation is unstable. If the people are panic because of redenomination, banks may be affected," Haryo said yesterday. According to him, most people have not understood about redenomination and often mistaken it with sanering (slashing of currency's value).
      Bank Indonesia (BI)'s governor Agus Martowardojo previously said redenomination needs economic and political stability. One of the influencing factors of national economy is the fluctuating global and domestic conditions and last year's current account deficit.
      According to BI's deputy of payment system, Ronald Waas, although the economy is unstable, redenomination must be done. The House of Representatives (DPR) has established a special committee and the central bank has informed the public about redenomination.
      The government has planned to implement redenomination policy by removing the last three digits in rupiah. Redenomination bill has been submitted to the DPR and is expected to become law this year.
      Redenomination has been said to need seven years of preparation which includes printing, designing, distribution, socialization and education. "Our country is big. Preparation and committment from all sides are needed," Ronald said.
       
      http://goo.gl/3BVGyA
    • By boomer113189
      1 - 16 - 2014
       
      Bank Indonesia (BI) Governor Agus Martowardojo has said a stable economy is the key to the successful implementation of the redenomination that will replace Rp 1,000 of the old currency with the new Rp 1.

      “We want to make sure that the redenomination will be successful, but one of the keys is that it takes place when the country’s economy is stable and in good condition,” he said in Jakarta on Thursday, as quoted by Antara news agency.

      Agus said that in 2013, domestic economic growth was corrected and the impacts of global fluctuations could still be felt in 2014.

      “The US Federal Reserve’s monetary stimulus has been reduced while domestically, the inflation rate in 2013 has increased, exceeding the targets expected,” said Agus.

      Moreover, he said, Indonesia’s current account was predicted to remain at a deficit of 3.5 percent until the end of 2013 and the weakening of rupiah exchange rate was still a challenge for the country’s economy this year.

      “To ensure the redenomination’s targets can be achieved, it would be better that we don’t push ourselves to implement this in a less than proper situation,” said Agus.

      Similarly, Deputy BI Governor Ronald Waas said one of requirements for the implementation of the redenomination was the stable economy and political situation.

      “The current economic situation is less conducive to implementing the redenomination,” said Ronald, while mentioning the redenomination plan would still continue.

      “The President’s directives must go on. The House of Representatives has established a special committee while public discussions have taken place,” he added.
       
      http://goo.gl/3lrDAE
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